CFPB Loses RESPA LawsuitA federal trial court has dismissed a lawsuit brought by the Consumer Financial Protection Bureau against a Kentucky law firm accused of violating the Real Estate Settlement Procedures Act's anti-kickback provision. The court said the title agencies set up by the Louisville firm were permitted under RESPA's "safe harbor" provision.

CMBS Loan Performance RecoversJust one month after delinquency on securitized commercial real estate loans jumped more than it had in years, it fell by nearly the same amount. Apartment loans, which fared worst last month, fared best this month.

Home Purchase Financing AcceleratesNew mortgage activity was driven higher by home purchase financing this past week. Also significantly improving was government business, which has expanded by nearly a fifth from a year ago.

Biggest Mortgage Lenders Q1 2017As home lending slowed in the first quarter of this year, credit unions took market share from non-bank originators. Just 10 lenders were responsible for nearly half of overall originations.

Servicing, Staffing Expand at PRMIServicing and staffing expanded from three months earlier and a year earlier at Primary Residential Mortgage Inc. Home lending activity moved up from the preceding quarter.

Ocwen Victory Good for All NJ Home Lenders
In the recently published decision of Ocwen Loan Services v. Quinn, the Superior Court of New Jersey, Appellate Division, affirmed a decision of the Superior Court, Passaic County, granting summary judgment in favor of a plaintiff-mortgagee, holding that the life estates of two defendants, who did not sign the plaintiff's mortgage, were subordinated to the plaintiff's mortgage based on the equitable principles recognized by the court in Sovereign Bank v. Gillis, 432 N.J. Super. 36 (App. Div. 2013), and the principles of replacement and modification.

Churchill Mortgage Originations JumpCompared to the previous three-month period and the year-earlier quarter, home-lending activity at Churchill Mortgage Corp. was stronger. Staffing is shrinking, though.

Satisfaction Off at Best Mortgage ServicersTwo of the residential loan servicers that are considered to be among the five best saw borrower satisfaction erode this year. But the other three improved their standings.

South Leads Drop in Existing Home SalesAlthough the number of residential properties sold last month was the highest in years, the annual rate was still lower. The South had the biggest impact on national sales.

Alleged HECM Scheme SettledThe federal government has negotiated a settlement with a man who is accused of abusing the federally insured reverse mortgage program.

Q3 Mortgage Origination Forecast LiftedMortgage banking economists have improved their outlook for loan originations during the current quarter. Full-year expectations have risen for three months in a row.

Bank Mortgage Delinquency Down, Foreclosures UpThe performance of residential loans that are serviced by the nation's financial institutions improved on a quarter-over-quarter basis. But the number of foreclosures started and finished worsened.

Higher Mortgage Rates Likely to HoldAn increase in fixed rates on residential loans this past week is likely to be followed by little movement in mortgage rates over the upcoming week.

RBS MBS Settlements Exceed $7 BillionA massive settlement reached by the Royal Bank of Scotland Group plc brings to more than $7 billion the amount the bank has paid in actions related to mortgage-backed securities.

Mortgage Firms Hire Seasoned ExecutivesAmong several recent hires at home-lending organizations are two executives with more than two decades in the mortgage business and two more with more than three decades' experience.

IRLC Valuation Changes Could Have Big ImpactMost warehouse lenders think that net worth calculations for mortgage banking firms are incorrect because of the way that locked pipelines are valued. The correction of the calculations could significantly impact the reported net worth of companies.

Weekly New Mortgage Business SinksDuring the week that included Independence Day, new mortgage activity significantly declined. A substantial drop from a year earlier was also recorded. Jumbo business, however, mostly held up.

Phishing Scams Target Prospective BorrowersFederal agencies are warning about a scam that targets prospective borrowers who are about to close on their home loans. It's similar to a scheme being used on job seekers.

TRID Amendments FinalizedAmendments have been finalized for integrated disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act. In addition, comments are sought for a new proposal.

Appraisal News DailyThe federal government has weighed in on one state's proposal to fix appraisal fees paid by appraisal management companies. Other valuation services activity include a new consumer valuation tool, an appraisal webinar and an integration between two service providers.

LOS Adoption and IntegrationMultiple mortgage service providers have recently integrated their offerings into a loan origination system. Meanwhile, a reverse mortgage LOS developer has landed two new lender clients.

Another Settlement for Prospect MortgageJust months following a settlement over illegal fees paid to an appraisal affiliate, Prospect Mortgage LLC has agreed to a settlement tied to government-insured loans.

Decade-Low for Fannie's Mortgage DelinquencyNew monthly business was better at the Federal National Mortgage Association. An even bigger improvement was made in delinquency, which sank to the lowest level in nearly a decade.